Mahindra Holidays posts ₹10-cr loss in fourth quarter

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Emerges stronger during the pandemic with a PBT growth of 37% YoY in FY21

Mahindra Holidays & Resorts India Ltd. (‘Company’), India’s leading leisure hospitality provider reported its Standalone and Consolidated financial results for the fourth quarter ending 31st March 2021.

Operational Highlights –

  • Member additions for the quarter at 4,789, up by 46% (QoQ) and 32% (YoY)
  • Member additions grew every quarter to a total of 12,031 members during the year. Our cumulative member base stands at 2,54,431.
  • High resort occupancies at 85% in the fourth quarter, close to pre-pandemic levels and strong occupancies of 72% for the year
  • Achieved a milestone of 4,000+ rooms with the addition of 465 rooms during the year, taking our total inventory count to 4,197 rooms
  • Added 9 resorts during the year to reach a total of 79 resorts
  • Resorts were added in Goa, Kerala, Rajasthan, Gujarat, Maharashtra and Andaman & Nicobar Islands
  • In the fourth quarter, a new greenfield property at Assonora, Goa was launched
  • Share of member acquisition through the digital and referral routes increased to 55% this year
  • Our resorts have obtained the highest level of certification in safety and hygiene standards from ‘Bureau Veritas’ – the global leader in testing and inspection.
  • Cash position has increased from Rs. 781 Crs as on March’20 to Rs. 940 Crs as on March’21

Financial Highlights –

Q4 FY21 (Standalone)

  • Total Income at Rs. 255 Crs, up by 4% (QoQ)
  • Resort Income at Rs. 53 Crs, up by 19% (QoQ) and 8.5% (YoY) 
  • EBITDA at Rs. 63.5 Crs, up by 8.5% YoY; EBITDA Margin at 24.9% (up by 203 bps)
  • PBT at Rs. 32.5 Crs, up by 11.7% YoY; PBT Margin at 12.7% (up by 137 bps)

FY21 (Standalone)

  • Total Income at Rs. 909 Crs
  • EBITDA at Rs. 286.2 Crs, up by 18.4% YoY; EBITDA Margin at 31.5% (up by 819 bps)
  • PBT at Rs. 169.5 Crs, up by 36.7% YoY; PBT Margin at 18.6% (up by 670 bps)
  • Cash position at Rs. 940 Crs, up from Rs. 781 Crs as on Mar’20

Commenting on the results, Kavinder Singh, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India Ltd. said, “Despite Covid-19 related challenges, we have delivered a strong fourth quarter performance as demonstrated by all operational and financial metrics such as occupancy, resort income, member additions, operating margins and profit growth. Our early focus on safety & hygiene measures inspired trust amongst our members to visit our spacious resorts. Our business model is unique, resilient and different from the traditional hospitality sector. We are confident of emerging stronger as pent-up demand for leisure family experiences unlocks in the near future.”

Commenting on European operations he added, “Operations at our European subsidiary Holiday Club Resorts’ (HCR) were affected due to Covid-19 related local restrictions. With the vaccination rollout accelerating, and the onset of the summer season from June onwards, we expect an uptick in domestic leisure travel leading to improved performance of HCR.”

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